When Do I Need to Alter My Will?
We recommend that you review the content and provisions made within your Will on a regular basis – every two years is ideal. As a matter of course, we contact all our clients on a two-yearly basis to offer this facility. The sorts of changes in circumstance which may result in a change in your Will having to be made are as follows:
- If someone named within the Will has passed away
- If your address (or that of any other person named within the Will) has changed. This is particularly important if there is a Trust within the Will
- If you marry or enter in to a civil partnership following the signing of your Will, the Will is revoked, unless you have made the Will in contemplation of the marriage/civil partnership and included the relevant clauses within the Will
- If any of the persons named within your Will change their name, either by marriage or otherwise
- If your divorce, have your marriage annulled or declared void. This will result in the Will still being valid but being read as though the name of the divorced partner had been deleted. It does not however stop a claim from that person on your Estate, so a new Will being written to include an exclusion of benefit is vital
- If you have your first child (or additional children) for whom you will need to appoint Guardians
- If you no longer possess an item which you have bequeathed within your Will
- If you have reconsidered the distribution of an asset or an amount of money
- If you acquire additional assets which increase the value of your Estate and cause a potential Inheritance Tax or Capital Gains Tax liability you may need to seek advice regarding effective tax planning and/or protective measures and Estate Planning
- If you initially wrote simple Wills but have now become concerned about issues such as sideways dis-inheritance, death and re-marriage causing assets to pass down another bloodline and sundry third party attacks such as Local Authority care charges, tax liabilities and the like.
- If you acquire foreign assets or make a Will outside England and Wales
The above present just some of the situations which may require a revision of your Will, however it is by no means exhaustive. If you have any doubts whatever, please do not hesitate to contact us for advice.